{
  "docId": "019dd923-622c-750b-8b96-aa4b5c012f2a",
  "docSlug": "aa7e6c3950ac",
  "documentTitle": "TAL Education Group (TAL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-13 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 51,
  "pageCount": 71,
  "prevPage": 50,
  "nextPage": 52,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": "The slide uses a screenshot of a job posting as primary evidence to expose a contradiction regarding corporate independence.",
  "elementsJson": [
    "paragraph",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-aa4b5c012f2a/51",
  "deckHref": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-aa4b5c012f2a#slide-51",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The supposedly independent business continues to use TAL's web domain as its own.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e69-59b98c86558d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.605,
        "w": 0.764,
        "x": 0.118,
        "y": 0.215
      },
      "kind": "image",
      "text": "Screenshot of a job recruitment page from South China University of Technology dated October 2015.",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc02a4f2-123a-45c3-8a4d-b6a6148eed70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.065,
        "w": 0.764,
        "x": 0.118,
        "y": 0.093
      },
      "kind": "paragraph",
      "text": "Looking at the details in the ads for teachers below shows us that the people responsible for selecting applicants worked in the GZ 1-1 headquarters, yet were still using TAL email addresses. The supposedly independent business continues to use TAL's web domain as its own.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "707e25a3-c22a-4368-b607-0e7fb9e4f163",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.065,
        "w": 0.764,
        "x": 0.118,
        "y": 0.865
      },
      "kind": "source-note",
      "text": "124 Source: thewaybackmachine: http://web.archive.org/web/20150317005146/http://gz.jiajiaoban.com/e/20140626/53ab8f94a056b.shtml, 珠江新城校区成立于2014年7月，位于广州市天河区珠江新城花城大道18号建滔广场3层. 125 SAIC files for the GZ XRS Ed Tech Co. headquarters occupied space on the 21st, 22nd, and 23rd floors.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7cbce51-166b-454e-8c17-5b694439b63f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "19dfa190-c7e4-4518-b4bd-3c942ff44b79",
      "evidence": "The slide uses evidence to expose a contradiction between claimed independence and operational reality.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 71,
      "from": 3,
      "beatId": "9de0976e-28e1-420f-a107-b337349d49c9",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document is primarily composed of slides that expose contradictions in TAL Education's financial reports",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 71,
      "from": 24,
      "beatId": "f1a1059e-e779-4948-a18b-bd7e979146da",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Appendix Data",
      "beatSlug": null,
      "evidence": "The document includes extensive data and financial reports to support its claims",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 71,
      "from": 2,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "173d833e-f506-46f1-a81b-f0c40e490cd2",
      "evidence": "The document implies that investors who fail to address these discrepancies may suffer significant financial losses",
      "position": 2,
      "objective": "What is the cost of not addressing TAL Education's financial discrepancies?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}